Crude Oil Flat On Concerns Over Rising US Crude Output

Crude oil futures closed flat in the domestic market on Wednesday as pressure from concerns over rising U.S. crude production outweighed support from the first weekly decline in U.S. crude supplies in a month.
The U.S. Energy Information Administration early Wednesday reported that domestic crude supplies fell by 2.2 million barrels for the week ended April 7, after climbing in each of the previous three weeks. Crude stockpiles have only posted two weekly declines this year to date, according to EIA data.
At the MCX, crude oil futures for April 2016 contract closed at Rs 3448 per barrel, down by 0.00 per cent, after opening at Rs 3456, against a previous close of Rs 3448. It touched the intra-day low of Rs 3432.

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